Business Financing Resources

Bright Bradford Innovation Fund

The Bright Bradford Innovation Fund, totaling $800,000, was formed in a new partnership between the Ben Franklin Technology Partners of Central and Northern Pennsylvania and the Bradford Area Alliance with a $400,000 contribution from each of the partners. This fund is specifically for companies in the fields of technology, innovation, and manufacturing.

• Specifically for companies in the fields of technology, innovation, and manufacturing.
• Investments up to $100,000
• Follow-up investments are a possibility to increase the investment total.
• Rates are prime plus 2%
• 10-year repayment term, quarterly
• Eligible Uses: Software development, Prototype development, Beta testing, Sales and marketing expenses, Customer site visits, Trade show participation, Hiring employees, Developing a new delivery model for an existing service.

Contact For More Information

Bright Bradford Development Fund

The Bright Bradford Development Fund, totaling $200,000, provides investment funds into local businesses that are strategically important to the Bradford and surrounding area, i.e., businesses that help attract and retain workers, applicants in the Harvey L. Golubock Business Competition, etc. Investments vary on a case by case basis, so interested applicants are encouraged to apply.

• Follow-up investments are a possibility to increase the investment total.
• Rates are prime plus 2%
• Repayment terms vary based on the uses of funds and the scope of the project.
• Will consider similar investment opportunities as the BBIF. However, capital assets such as land, buildings, equipment, etc. will be considered under this program.

Contact For More Information

City of Bradford OECD Loan Program

The purpose of the program is to stimulate private investment through the expansion of existing businesses or the startup of new businesses.  Investment will improve the overall economic conditions, primarily, employment opportunities, stimulate business activity or increase real estate tax income. Eligible uses include acquisition of real estate, building construction, building improvements, purchase of machinery and equipment, and working capital.

• Service Area: City of Bradford, Bradford Township, Foster Township, Borough of Lewis Run
• Interest Rates: 3-5%
• Term: 3-15 years depending on the use of funds and assets purchased
• Employment Requirement: Must create or retain 1 job for each $10,000 borrowed

For more information, please visit https://bradfordpa.org/oecd-business-development/

Honeycomb Credit

Honeycomb Credit is an online crowdfunding platform. Local businesses run investment offerings on the platform, get hands-on campaign support from their expert team, and share their success with fans and interested investors - boosting their name and getting them the funding they need to grow. Everyday customers can become investors and become personally invested in the success of local businesses, by supporting their capital campaigns. Programs like this can make a significant impact on projects that traditional lending sources are unable to fund or with projects that don’t have the capital to meet a down payment requirement.

• $250 fee to get on the platform initially
• Honeycomb charges a fee of 6-8% of the total amount raised, the larger the project, the closer to 6%.
• Repayment terms 8.0-10.0% interest over 3-5 years.
• Generally likes to list Main Street businesses and Mom & Pop Shops on the platform.

Contact For More Information

Link to Honeycomb Credit website: https://www.honeycombcredit.com/.

Harvey L. Golubock Business Competition

The Harvey L. Golubock Business Competition is the Bradford Area Alliance's annual competition for funding new startups and / or new ventures of existing businesses. The competition consists of two rounds, the first of which is a 2-3 page business plan outlines, and the second is a complete business plan and live pitch event presentation. The 1st Place winner receives  $20,000 PRIZE MONEY plus in-kind services. Services include sessions with a business advisor on a regular basis for up to 12 months. The competition has generated 135+ applicants since 2020 inception of which 50% have been new startups, 35% have been existing business with new venture and 15% have been a succession from previous owner to new owner. 

• Participants must be physically located in the Bradford, PA area including the City of Bradford, Borough of Lewis Run, Bradford Township, Corydon Township, Foster Township, or Lafayette Township.
• Participants must currently have a legal residence within a 40 mile radius of Bradford, PA.

North Central PA Regional Planning & Development Commission

The Business Financing Program was established to support the start-up and expansion activities of small businesses which will enhance the regional economy through the creation and retention of full-time jobs.  This initiative provides access to capital to meet the credit needs of new and existing businesses which are not able to entirely finance projects through conventional lenders and their equity contribution.  The program is not intended to compete with or replace bank financing, but designed to complement it through loans which are offered at below-market, fixed interest rates and the ability to borrow based on the number of jobs to be created and retained. Eligible businesses are for-profit businesses operating as sole proprietorships, limited liability companies, S-Corporations or C-Corporations in Cameron, Elk Jefferson, McKean, or Potter Counties.

• Term - 3-15 years depending on the use of funds
• Amount - Up to 50% of total project costs, $400,000 is the RLF maximum
• Interest Rate - Rates are below prime and fixed throughout the term, please reach out for additional information on current rates.
• Job Requirement - One full-time job per $75,000 borrowed

For more information, please visit https://www.ncentral.com/business-loans/